What is the DOE’s loan guarantee program?



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    The U.S. Department of Energy has created a loan system for businesses who need some extra cash to get their green minded projects off the ground. The projects funded include electric vehicles, wind farms, nuclear plants and solar facilities. The projects currently total $34.9 billion and have created about 61,000 jobs. The DOE describes their loans on the website: 

    A loan guarantee is a contractual obligation between the government, private creditors and a borrower—such as banks and other commercial loan institutions—that the Federal Government will cover the borrower’s debt obligation in the event that the borrower defaults.

    The Loan Programs allow the Federal Government to share some of the financial risks of projects that employ new technologies that are not yet supported in the commercial marketplace or where private investment has been inhibited.

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